Newspaper Publication regarding Proposed Right Issue of Fully Paid up Equity Shares of Onix Solar Energy Limited
Awaiting price reaction for this filing.
Onix Solar Energy Ltd (formerly ABCGas International Ltd) has announced a rights issue of fully paid-up equity shares. The company will issue up to 1,179,7736 shares at ₹51 per share (including ₹41 share premium), with a face value of ₹10 each. The aggregate issue size is up to ₹6016.85 lakhs. The issue price represents 5.1 times the face value. The issue opens on May 25, 2026, and closes on June 1, 2026. The company's promoter is Onix Renewable Limited. Applications must be submitted through the ASBA process, and rights entitlements can only be traded in dematerialized form.
Existing shareholders will receive rights to purchase additional shares at a 51% premium to face value. This will cause dilution for shareholders who don't participate. The ₹60+ crore raise could fund expansion or reduce debt, but non-participating shareholders will see their ownership stake reduced.